What are the common costs of buying a property?
Some of the common expenses you must account for when buying a property are:
- Stamp Duty
- Conveyance Fee
- Moving costs
- Taxes and rates over the period for which you will own the property
When should I organise insurance?
While it’s not necessary to have insurance until settlement, it’s best to organise insurance from the time of exchange. If you move into the property before settlement, you’ll be responsible for insurance starting from the time you move in.
Why should I carry out a final inspection on the property I am buying?
No matter how excited you are about purchasing your new property, it’s prudent to undertake a final inspection to ensure that the property is still in the same condition it was when you negotiated the contract. You should check that all the fixtures and fittings included in the contract are still present and that the previous residents didn’t cause any damage whilst moving out.